According to CoinMeta, based on early monitoring of in, the market value of USDT has decreased by approximately $4 billion in the past 60 days, approaching its historical lowest level. In the past 11 days, the supply of USDT has reduced by about $870 million, and the contraction of liquidity is still accelerating. A continuous expansion of USDT is usually accompanied by stronger price performance of BTC, whereas long-term contraction phases correspond to weak demand, market corrections, and a decline in risk appetite. The recent rebound of BTC is unlikely to be sustained, mainly due to the ongoing shrinkage of one of the sources of market liquidity.